All consumers do. Right now, many people are aware that they are unprepared for retirement, and concerned about how they will fund it. In fact, just 16% give themselves an ‘A’ grade on retirement planning. 41% give themselves a ‘C’ or lower.
However, the various generations are not talking to each other about retirement planning, and today’s retirees aren’t passing along realistic or practical advice to younger generations.
Whether money and savings are taboo topics, or older generations are feeling guilt or embarrassment over their retirement savings habits, this lack of conversation between generations can have a big impact on the future of savings.
Discover our four key learnings from the research, such as:
Retirement advice is limited and vague
Each generation is repeating the same retirement mistakes
Financial fears remain the same across generationst
Gen X-ers are poised to be more involved in parents’ planning
It’s true that each generation might not fully understand the next, but when it comes to thoughts about retirement, we’re not all that different.
With each new generation reporting similar saving, spending and communication blunders, imparting lessons-learned on younger generations may help them avoid some of the financial pitfalls of our own pasts. After all, maybe one day we’ll all be able to give ourselves an ‘A’ grade on retirement planning.
Family values are glue that can hold family together. Help your clients share, document and celebrate those values so that when the time comes, their family can continue living out the legacy they established.
The 2020 Midland National Gen-to-Gen Retirement Study looked into the saving, spending and communication habits of four generations covering everyone from age 18-55+. Explore key learnings such as how men and women grade their retirement efforts, their confidence in reaching their retirement goals, and comfort with financial risk.
In this installment of generational research – Gen-to-Gen – consumers share their thoughts on working with financial professionals for retirement and financial planning. Learn how long they’re staying with their financial professional, how closely they choose to work together in retirement planning, and what keeps them coming back each year.
It is becoming increasingly important for families to have end-of-life and legacy planning discussions to ensure transparency and a smooth transition. In our groundbreaking Gen-to-Gen research study, 39% of our respondents said their parents have never discussed their end-of-life plans with them. We sought to uncover why there’s so much lack of communication around this important topic.
In this installment of our generational research – Gen-to-Gen - we asked the hard questions about retirement confidence. We’ll take a look at 1) How consumers view their current retirement preparedness, 2) Some of the factors that influence how consumers feel about retirement, and 3) How to help forge the path for consumers to face retirement with confidence.
Clients may be feeling the effects both in their day-to-day personal financial picture as well as in their planning for the future. We surveyed hundreds of consumers about how COVID-19 impacted their finances and we are ready to share what we learned.
The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.
Insurance products issued by Midland National® Life Insurance Company, West Des Moines, Iowa. Product and features/options may not be available in all states or appropriate for all clients. See product materials for further details, specific features/options, and limitations by product and state.
Fixed index annuities are not a direct investment in the stock market. They are long term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from your accumulation value for additional optional benefit riders or strategy fees associated with allocations to enhanced crediting methods could exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients. Interest credits to a fixed index annuity will not mirror the actual performance of the relevant index.